With the number of homes newly listed for sale over the past two weeks having outpaced sales, the listed inventory of homes on the market in San Francisco has ticked up 3 percent to 625, which is 2 percent more than at the same time last year and 36 percent higher than at the end of April 2015 (460).

At the same time, the percentage of listings in San Francisco which have undergone at least one price reduction has inched up 1 percentage point to 12 percent but remains 1 percentage point lower than at the same time last year.

And we’re still expecting inventory levels to continue to climb through June in San Francisco, followed by a typical summertime lull and annual peak in the fall.